Singapore, 4 September 2024 – Asia Carbon Institute (ACI) is pleased to intend to connect to the Climate Action Data Trust (CAD Trust), backed by the World Bank, Singapore Government, and the International Emissions Trading Association. This initiative aims to improve integrity and transparency of data sharing about the issuance, retirement, and transfer of carbon credits from various project developers.
The CAD Trust is a decentralised metadata platform that connects, aggregates, and harmonises key carbon data from standards and national carbon registries in the world to improve transparency in accounting, in accordance with Article 6 of the Paris Agreement. Utilising blockchain technology, the CAD Trust establishes a decentralised record of carbon market activities to prevent double counting, bolster confidence in carbon credit data, and strengthen trust in carbon markets.
By connecting with the CAD Trust, ACI Registry’s data will be seamlessly integrated into the distributed database and public dashboard, enhancing visibility and accessibility. This contributes to fostering the growth of a transparent and trustworthy global carbon market that can allocate capital toward effective climate actions and development of low-carbon infrastructure.
John Lo, Founder of ACI, said “Today ACI achieved another important milestone by connecting to CAD Trust. Carbon project data from ACI will be integrated into CAD Trust’s database together with other major carbon registries to fight against the risk of double counting. This is in line with ACI’s mission to pursue greater transparency and accountability.”
Yuvaraj Dinesh Babu Nithyanandam, Executive Director of CAD Trust, said “We congratulate Asia Carbon Institute on their commitment to transparency and will welcome them onboard once ready. Greater representation from programs in the APAC region is vital for our work to enhance global collaboration and address risks of double counting.”
Juan Duran, CEO and Co-Founder of EcoRegistry, said “The connection between ACI and CAD Trust will strengthen the Ecosystem, fostering greater collaboration among diverse stakeholders and enhancing transparency and integrity within the market.”